Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions
12 Months Ended
Aug. 31, 2020
Related Party Transactions [Abstract]  

Related party transactions not otherwise separately disclosed in these consolidated financial statements are: 

(a) Key management personnel and director compensation

At August 31, 2020, $547,660 was due to members of key management and directors for unpaid salaries, expenses and directors’ fees (2019 – $748,682).

(b) Transactions with directors and officers

During the year ended August 31, 2020, no common shares were granted as compensation to key management and directors of the Company.

On September 19, 2019 and July 31, 2020, the Chairman of the board subscribed for 696,153 and 15,000,000 common shares for gross proceeds of $90,500 and $600,000.

On August 20, 2020, a Company controlled by the Chairman of the board entered into a debt settlement agreement, whereby 2,356,374 shares were issued to settle an outstanding promissory note of $94,255.

On October 31, 2019 and March 11, 2020, a director advanced the Company $50,000 and $25,000, respectively as a short-term loan. The loan is interest free and is expected to be repaid within three months. The total loan outstanding as of August 31, 2020 was $125,000.

(c) Due to/from director

As of August 31, 2020 and 2019, the Company owed the chairman of the Board and the various companies controlled by him $395,647 and $0, respectively, in funds advanced to the Company for working capital purposes, in addition, the Company owes the chairman of the board $160,000, and $286,000 respectively, in unpaid salaries.

As of August 31, 2020 and 2019, the Company owed a director $125,000 and $50,000, respectively in working capital advances to the Company. The advance is interest free with no fixed terms of repayment.